Import duties are sums charged by the government for goods imported from foreign countries. The duty is sometimes reckoned at a certain rate per pound, per yard, etc., called specific duty, and sometimes at a certain per cent of the value of the goods, called ad valorem duty. Sometimes goods are subject to duties of both of these forms. 1. A merchant imported 5000 lb. of hemp. By the tariff adopted in 1897 the duty on hemp is 2 cents per pound. What was the amount of the duty? 2. The duty on molasses of a certain grade is 3 cents per gallon. What would be the duty on 10 hogsheads of molasses containing 58 gallons each? 3. The duty on Brussels carpet is 22 cents per square yard and 40% ad valorem. How many square yards are there in 400 yards of a yard wide? What would be the specific duty upon 400 yards of Brussels carpet? 4. If the carpet costs 90 cents per yard, what is the amount of the ad valorem duty? 5. The duty on woolen cloth is 44 cents per pound and 60% ad valorem. Find the entire import duty on 1200 yards of woolens, if three yards weigh a pound, and the goods are worth $1.25 a yard. 6. The duty on flannels is 33 cents per pound and 35% ad valorem. A merchant imports 2000 yards of flannel, 4 yards of which weigh a pound. The cost price is 25 cents a yard. Find the entire cost per yard, including the duty. 7. What would be the amount of the import duty on 2000 lb. of hemp and 180 yd. of Brussels carpet worth 75¢ a yard? Miscellaneous Problems 1. How many square inches of glass are there on the front of a mirror which is 3 feet long and 20 inches wide, measured outside the frame, if the width of the frame is 5 inches? 2. What is the distance around the glass of the mirror inside the frame? 3. A garden which is surrounded by a concrete walk 3 ft. wide, is 4 rods long and 2 rods wide, measured outside the walk. How far is it around the garden inside the walk? 4. How many square feet are there in the walk? 5. How many square yards does the garden contain inside the walk? 6. A note of $200, dated July 15, 1898, was due 2 years after date with interest at 5%. What was the amount of both principal and interest to be paid when the note became due? 7. Find the amount of the following note when due : $360 BUFFALO, N.Y., July 1, 1900. Nine months after date, I promise to pay to the order of Charles Davidson, Three Hundred Sixty Dollars, with interest at 7%. Value received. F. H. LANGLEY. 8. The taxable real estate in a certain town is $640,000 and the personal property $300,000. is to be raised upon the property. The sum of $11,750 What will be the rate? 9. What will be the tax of a man living in this town. who owns taxable property to the amount of $3120 and who pays a poll tax of $2? 10. What would be the tax in the same town on property valued at $9350? Easy Methods To multiply by a number which is a fractional part of 100, it is often easier first to multiply by 100 and then divide the product by the number indicating the required fractional part. To divide by such a number it is often easier first to divide by 100 and then multiply the quotient. 1. Multiply 16 by 121. 12 is of 100. 100 times 16 is 1600. 12 times 16 is one eighth of 1600, or 200. 2. Divide 340 by 25. 25 is of 100. 100 is contained in 340, 3.4 times. 25 is contained in 340, four times 3.4 times, or 13.6 times. Bank Discount Banks serve as places for depositing money, provide currency for circulation, exchange one kind of money for another, borrow and lend money, and collect money on drafts and notes. Banks usually lend money for short periods of time and reckon the exact number of days. When money is loaned. at a bank, the interest is reckoned beforehand, at the time of the loan, and is deducted from the face of the note. The amount received by the borrower is called the proceeds. This is the difference between the face of the note and the discount, or interest. 1. Find the bank discount, and proceeds of a note for $500 due in 60 days at 6%. The bank discount is the interest of $500 for 60 da. at 6% or $5. The proceeds is the difference between $500 and $5 or $495. 6. $240, 30 da. at 6%. Find the proceeds of the following notes: 20. $125.50, 4 mo. at 6%. 12. $50, 56 da. at 41%. $96, 64 da. at 51%. 14. $360, 60 da. at 5%. 15. $400, 30 da. at 6%. 16. $700, 90 da. at 41%. Bank Discount Find the bank discount: 1. Note of $400 for 60 days at 6%. 2. Note of $650 for 90 days at 5%. 3. Note of $240 for 30 days at 4%. 4. Note of $580 for 60 days at 41%. 5. Note of $350 for 45 days at 31%. 6. Note of $830 for 32 days at 51%. Find the proceeds: 7. Note of $365 for 30 days at 7%. 8. Note of $160 for 60 days at 51%. 9. Note of $250 for 90 days at 41%. 10. Note of $640 for 60 days at 61%. 11. Note of $280 for 35 days at 4%. 12. Note of $980 for 56 days at 5%. Find the time and the discount : 13. $100 from Mar. 1 to Apr. 30 at 6%. Find the time and the proceeds: 19. $256.20 from Mar. 1 to Apr. 21 at 6%. |
